All Forum Posts by: Leroy Norris

@Chris Levarek

Biggest fear is I tell them basically leave I’m doing a full rehab and they say no than I start eviction process and courts say well COVID-19 they can stay… right now I’m collecting and I can keep it like this, but government keeps extending it

@Theresa Harris

No the tenants have NOT taken care of place, it’s a bachelor pad, holes in walls, smoking weed, when I bought the place they changed the locks, o couldn’t even get in… I put them in their place right there… I have a quote for $5200 to repair, reglaze tile, and do other interior minor repairs, they each pay $600, my mortgage, taxes, insurance is $700, so yes I clear $500, but that’s not taking in account maintenance and yard care… I also have to put a central A/C unit in next summer… it stopped working

I bought a duplex in May, 2 tenants pay $325 under market, I told them I would honor they contract until it expires November 1, 2021… I had full intentions of letting their lease expire and renovating both units to hit the top of market, plus I pick the tenants…. Now this president has extended the eviction moratorium and I’m at a crossroads because it gives these tenants more rights to stay in place without being able to evict…. Should I just hold off on getting them out and be happy I’m collecting or take my chances that they will just move when I inform them…

Looking over my insurance polices I’ve noticed that I pay for “Escape of water from sump” says it covers sewer line backup or interior drains outside of flood water… the cost is tremendous does anyone else carry this? 1 property I carry it on is a 1 story with basement the other is a 2 story with basement I’m thinking of dropping it on the 1 story… my other properties don’t have it at all…

@Mark Cruse

Did you just come to bottom and read my comment or did you bother to read others? The 3rd comment down he described a neighborhood in America as a “War Zone” everyone is trying to discourage him about his plans… he never asked for input about his plans he asked for input about closing cost…

@CJ B.

I’m in this exact situation right now, have a tenant no longer on the Section 8 program… when she moved in she was so I agreed to pay water, because they gave me more… so I haven’t raised rent in 4 years. I’m giving her a letter next month with a 6 month notice, she’s month to month, GREAT TENANT, I just didn’t want to hit her before the holidays, that unfortunately I have to increase rent about $200… see we’re it goes like someone said ever with my $200 increase it’s still cheaper than anywhere else she could find

@Andrew Freed

For me financial freedom was a after thought. My uncle died and I went to his house that he was renting, it was in really bad shape, mold in closet, leaky roof, no basement steps, but being poor that’s all he could afford. I was young, so we called his landlord and informed him we needed an extra week to move his things out, he told us we needed to pay for the following month, we did… after that he sued us saying we were now responsible, we broke the lease, catch is he was a lawyer… the courts did nothing when we complained about the living situation and he could care less… he was a slumlord who owned multiple properties in the city I grew up in, I made it my business to give people better living accommodations because so many landlords don’t care… with this motivation I also reap a financial reward… the money will follow as long as you doing something right… I make it my business to educate all tenants about escrow with cities and just erasing ignorance and fear that people have…

@Kiel Martin

I love it see the issue is “most” investors never grew up in the city they called c and d neighborhoods so they can’t fathom that you can find good people in bad situations. So they call it the “ghetto” and don’t do that and don’t do this because of they own fear. I’m not in Baltimore so I can’t comment on that, but I started buying cash houses like this and did the section 8 program and honestly I look at it like helping people just like my mother. People see a brick wall and you see a solution

@Calvin Kwan

Yeah I would it wouldn’t cost a lot, you’ll gain some respect by your tenant, and peace of mind… also you want to set the stage for them staying long term

@William Gogolla

Numbers make sense buy buy and buy…. If you wait you losing your most precious resource… time… compounding money… in 1-3 years you should have your 25% for your next investment property.

Don’t overpay and make sure the numbers work